11-Unit Apartment
For Sale
$2,700,000
919 Michigan Avenue Unit 111, Miami Beach, FL 33139
Professionally managed condominium asset with covered parking and organized property records.
Property Size8,420 SF
Price / SF$320.67
Days on Market2483
Property Features for 919 Michigan Avenue Unit 111
General Information
Standard status
Active
Size
8,420 SF
Total Parking Spaces
10
Property subtype
Commercial/Industrial / Income/Multi Family
Additional Details
Multifamily Units
11
Building Details
Year Built
1968
Buildings
1
Listing Agency:
SoBe Realty, Inc.
Listed By:
Philippe Lamery · License #3090242
(305) 749-7500
Source:
Compass
Added: Jan 1, 2020
Changed: Oct 14
Last Checked: Oct 19 at 8:54AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SoBe Realty, Inc.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 11-unit condominium apartment building is offered in its entirety, providing a single ownership opportunity within a multifamily asset. The property contains 8,420 square feet and was built in 1968. It has been maintained and professionally managed, with property records available for the next owner.
The building includes 10 parking spaces, with some spaces covered. Its apartment-building classification and full-building offering provide a straightforward configuration for continued multifamily ownership.
The building includes 10 parking spaces, with some spaces covered. Its apartment-building classification and full-building offering provide a straightforward configuration for continued multifamily ownership.
Key Highlights
- 11‑unit condominium apartment building sold in its entirety
- 8,420 square feet of property
- 10 parking spaces, including some covered
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$129,494
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,589,880
$2.6M
Cap Rate 7%
$1,849,914
$1.8M
Cap Rate 9%
$1,438,822
$1.4M
Market Conditions
NOI Build-Up for 8,420 SF
Gross rent
$246.5K $29.28/SF
− Vacancy
−$11.1K −$1.32/SF
EGI
$235.4K $27.96/SF
− OpEx
−$105.9K −$12.58/SF
NOI
$129.5K $15.38/SF
Area
Miami-Dade County, FL
Vacancy
4.50%
Lease Rate
$29.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,589,880
Cap Rate 7%
$1,849,914
Cap Rate 9%
$1,438,822
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,494 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.27M
$3.74M – $4.98M
NOI $299,027 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
6,044
Businesses Nearby
Explore this area
Business Placement
Demographics for 33139, FL
36,286
Population
30,166
Households
1.2
Avg Household Size
43
Median Age
53%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
12,959
Density / Sq Mi
$63,368
Median Household Income
$48,608
Median Earnings
$1,745
Median Rent
$480,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Professionally managed condominium asset with covered parking and organized property records.
Where is this apartment building located?
The property is located at 919 Michigan Avenue Unit 111 Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 11‑unit condominium apartment building sold in its entirety; 8,420 square feet of property; 10 parking spaces, including some covered
